The board of HDFC Life Insurance Company has approved issuing non-convertible debentures (NCDs) aggregating upto Rs 350 crore on private placement basis.
The board approved the proposal to issue upto 3,500 unsecured, rated, listed, subordinated, redeemable, fully paid-up, non-convertible debentures, each having a face value of Rs 10 lakh each. These debentures are proposed to be listed on the WDM segment of the National Stock Exchange of India. The coupon rate for the same has been decided at 8.20% per annum.HDFC Life Insurance Company is a joint venture between HDFC, India's leading housing finance institution and Abrdn (Mauritius Holdings) 2006, a global investment company.
On consolidated basis, the life insurance company reported 12.4% rise in net profit to Rs 357.52 crore on 11% increase in net premium income to Rs 14,289.66 crore in Q4 FY22 over Q4 FY21.
The scrip fell 3.69% to Rs 550 on the BSE.
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